MAS Final Rules

Key dates

1 January 2024

– Original Notice FHC-N133 effective date

8 December 2025

– Last revision to Notice FHC-N133 prior to this circular

1 January 2026

– Earlier amendments to AT1/T2 capital criteria became effective (as proposed in prior consultation)

16 March 2026

– ID 05/26 circular issued; revised Notice 133 and Notice FHC-N133 effective immediately

Suggested considerations

• *Immediate (within 30 days):
• N133 documents (156 KB PDF available on MAS website)
• *Short-term (30-90 days):
• insurance entity risk charges using the new explicit risk charging approach
• type criteria

What changed

The revised notices introduce several substantive amendments to the valuation and capital framework: Equity Counter-Cyclical Adjustment (CCA) The introduction of equity CCA represents a significant methodological shift in how insurers must calculate capital requirements for equity risk exposure. This mechanism adjusts capital charges based on equity market volatility cycles, requiring insurers to implement dynamic risk modeling rather than static capital calculations. Structured Products Capital Treatment New capital treatment rules for structured products establish specific valuation and...

Key dates

30 October 2025

- Publication date of ID 14/25 and FAS 16/2025 circular notifying amendments

Suggested considerations

• Download and review the full amendment document (ID 14/25 and FAS 16/2025) from https://www.mas.gov.sg/regulation/circulars/id14_25.
• Assess current training and competency programs against updated Annex 1 (MAS Notice 211) and Appendix 1 (MAS Notice 502), focusing on minimum standards and best practices for staff.
• Update internal policies, CPD requirements, and staff certification processes to incorporate changes, including any new "fit and proper" clarifications.
• Conduct gap analysis for affected representatives and implement training by any specified effective date; maintain records for MAS audits.
• For brokers and composite insurers, ensure alignment across general and life business lines if overlapping.

What changed

The amendments target Annex 1 of MAS Notice 211 (applicable to direct general insurers) and Appendix 1 of MAS Notice 502 (applicable to insurance brokers), both addressing Minimum and Best Practice Training and Competency Standards. Specific changes are not detailed in the notification summary but likely include clarifications on applicability, "fit and proper" criteria for staff, and enhanced continuing professional development (CPD) requirements, as referenced in related Notice 211 updates.

Key dates

29 September 2025

- Publication and issuance of ID 11/25 amendments to MAS Notice 321

1 October 2025

- Effective date for Notice 321 (Amendments) 2025

At least 1 month before launch

- MAS approval submission for industry-new DPI features; notification for insurer-new features

Within 7 working days after launch

- Notification for no-new-features DPIs

Suggested considerations

• Review and update DPI manufacturing processes to comply with standardized features in Appendix A of Notice 321, ensuring premiums ≤ non-DPI equivalents and benefits ≥ equivalents.
• Implement streamlined filing: Seek MAS approval for novel products (1-month lead), notify for insurer-novel or standard products as specified.
• For distribution: Deploy safeguards (affordability checks, info disclosure), non-advisory channels, and client query mechanisms (phone/email helplines).
• Obtain MAS written approval before offering new/re-priced DPIs; adhere to any specified launch dates.
• Update internal policies for pricing (no negating savings via margins), naming ("DIRECT" prefix), and risk assumptions matching non-DPIs.

What changed

• The amendments primarily streamline approval processes for DPI products under Notice 321 and related Notice 302:
• For new or re-priced DPIs with features entirely new to Singapore’s life insurance industry, insurers must seek MAS approval at least one month before launch.
• For DPIs with features new only to the insurer, notify MAS at least one month prior to launch.
• DPIs with no new features require notification within seven working days after launch. These changes ease prior stringent requirements while upholding core DPI mandates: standardized products (term...